"The depreciation of the euro has been one of the factors behind the high inflation," said European Central Bank (ECB) Vice President Luis de Guindos during an interview with local media Postimees late Thursday.

Additional comments

We at the ECB don't target the exchange rate. But it is a very important macroeconomic indicator that we take into account when making our projections.

The main factor that will guide our decisions will be the evolution of inflation.

The recent projections of the European Commission clearly show a slowdown in growth, while inflation is expected to remain high in the coming months.

We hope countries and governments will apply the correct fiscal and structural policies in line with the EU’s recovery plan.

EUR/USD remains firmer

EUR/USD stays on the front foot as bulls attack 21-day EMA hurdle amid broad US dollar weakness.

Also read: EUR/USD Price Analysis: Bulls poke 1.0230 hurdle ahead of key EU/US inflation data